Is it a "train wreck," though? There's a small group of people who are really focused on it, but most folks reacted very positively to the proposed change. I think the new new way of doing mixed species is great - it preserves balance while letting players have any combination they can imagine. I think species should largely be an aesthetic choice, anyway; I like the emphasis to be on the choices a character makes rather than how they were born.
Point buy would be a balancing nightmare, and would ultimate lead to homogenization as power gamers figure out the optimal combinations, which then trickles down to the general player population.